French gas and oil giant Total reported on Thursday a rise of 16% in its adjusted net income in the fourth quarter.
Total reported an adjusted net profit of $2.4 billion, as compared to $2.1 billion in the same quarter a year before.
“After falling from 100 $/b in 2014 to 52 $/b on average in 2015, Brent prices were highly volatile in 2016, fluctuating between 27 $/b and 58 $/b, with an average of 44 $/b for the year. In this difficult environment, the group demonstrated its resilience by generating adjusted net income of $8.3 billion and had the highest profitability among the majors due to the strength of its integrated model and commitment of its teams to reduce the breakeven,” said Patrick Pouyanne, Total CEO.
Total rewarded shareholders with an increased fourth-quarter dividend of 0.62 euros per share, compared with 0.61 in the previous three quarters.
Total’s hydrocarbons production increased by 4.5 percent to 2.452 million barrels of oil equivalent per day in 2016 as compared to the year before.
LNG sales up
Paris-based Total posted an increase of 11% in its fourth-quarter liquefied natural gas (LNG) sales.
Total said it sold 2.75 million mt of chilled gas in the quarter, as compared to 2.48 million mt in the same period in 2015.
Fort he full-year of 2016, Total sold 10.99 million mt of LNG, up 8 percent as compared to 10.22 million mt in 2015.
LNG World News Staff